Baker Botts Advises Electrum on NOVAGOLD Deal Valued at $4.2 Billion
Release
NEW YORK/PALO ALTO, July 22, 2026 – Baker Botts L.L.P. advised Electrum Strategic Resources L.P., the largest shareholder of NOVAGOLD Resources Inc. (NYSE American, TSX: NG), on NOVAGOLD’s agreement to acquire 100% of the Donlin Gold project in Alaska, creating a U.S.-domiciled gold developer with an equity value of approximately $4.2 billion.
NOVAGOLD owns 60% of Donlin Gold, sharing control with Paulson Advisers LLC. Paulson will trade its 40% stake for shares in a new company, giving NOVAGOLD sole ownership of what is projected to become the largest gold mine in the United States. Donlin Gold holds approximately 40 million ounces of gold in measured and indicated mineral resources and is expected to produce more than one million ounces annually over an estimated 27-year mine life.
Electrum, along with NOVAGOLD’s directors and certain senior officers and Paulson, agreed to vote shares representing approximately 28% of NOVAGOLD’s outstanding common shares in favor of the transaction. The transaction requires NOVAGOLD shareholder approval, court and regulatory approvals, applicable stock exchange approvals and the satisfaction of customary closing conditions. It is expected to close in the fourth quarter of 2026.
Baker Botts Lawyers/Offices Involved:
Corporate: Joseph Halloum (Partner, Palo Alto); Jonathan Gordon (Partner, New York); Jim Marshall (Partner, Houston); Nikolai Gryzunov (Senior Associate, New York); Charlie Gili (Senior Associate, New York); Henry Klimowicz (Senior Associate, New York); Treyton Zanutto (Associate, Houston) and support from Eileen Boyce (Partner, Houston) and Paul Robe (Special Counsel, Houston)
Tax: Jon Lobb (Partner, Houston)
Antitrust: Matthew Adler (Partner, Washington, D.C.); Michael Bodosky (Special Counsel, Washington, D.C.)
Litigation: Richard Harper (Partner, New York); Seth Taube (Senior Counsel, New York)
NOVAGOLD owns 60% of Donlin Gold, sharing control with Paulson Advisers LLC. Paulson will trade its 40% stake for shares in a new company, giving NOVAGOLD sole ownership of what is projected to become the largest gold mine in the United States. Donlin Gold holds approximately 40 million ounces of gold in measured and indicated mineral resources and is expected to produce more than one million ounces annually over an estimated 27-year mine life.
Electrum, along with NOVAGOLD’s directors and certain senior officers and Paulson, agreed to vote shares representing approximately 28% of NOVAGOLD’s outstanding common shares in favor of the transaction. The transaction requires NOVAGOLD shareholder approval, court and regulatory approvals, applicable stock exchange approvals and the satisfaction of customary closing conditions. It is expected to close in the fourth quarter of 2026.
Baker Botts Lawyers/Offices Involved:
Corporate: Joseph Halloum (Partner, Palo Alto); Jonathan Gordon (Partner, New York); Jim Marshall (Partner, Houston); Nikolai Gryzunov (Senior Associate, New York); Charlie Gili (Senior Associate, New York); Henry Klimowicz (Senior Associate, New York); Treyton Zanutto (Associate, Houston) and support from Eileen Boyce (Partner, Houston) and Paul Robe (Special Counsel, Houston)
Tax: Jon Lobb (Partner, Houston)
Antitrust: Matthew Adler (Partner, Washington, D.C.); Michael Bodosky (Special Counsel, Washington, D.C.)
Litigation: Richard Harper (Partner, New York); Seth Taube (Senior Counsel, New York)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.
